The farm and farmhouse

About Me

Hi! Im a wife in my mid twenties, living on a farm in the Midwest. Just trying to make ends meet and save for our future as we remodel our old farmhouse, and stay out of debt.
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As of March 2019

8 Responses to “Unexpected Windfall”

That's great! It's basically a retirement plan that the employer contributes to instead of the employee. If they ever close the plan or he leaves, he should be able to roll vested funds into an IRA. Of course, there are different kind of profit sharing plans, but since you mentioned it was a retirement account, I presume it's that kind. people).

That would be awesome if they continue adding that much every year. That would double our retirement contributions yearly. We could live just fine if we continue saving $2,500 a year until we retire. Saving twice that much will get us there that much sooner.

Have him ask for the "Plan Summary Description". Or maybe that is with the letter you received? It could be they have to pay a certain percentage (of salary) as a minimum and/or they may just be making additional discretionary contributions as they have the funds. He should ask some questions about that, for sure. See how much they have been contributing or plan to contribute in the near future.